Highlights

  • Cullen Resources prioritises deeper Yardilla drilling after reconnaissance samples returned anomalous gold, although it has not announced a drilling date.
  • The explorer closed September with A$176,000 in cash and estimated 0.81 quarters of funding at its latest operating spending rate.
  • Cullen completed the Bromus sale for A$100,000 cash and A$350,000 in shares, while retaining carried interests in other projects.
  • The company expects to consider equity, borrowings or non-core asset sales if needed, with no debt facilities currently available.

Follow-up targets are taking shape at Cullen Resources (ASX:CUL), but the September quarter closed with only A$176,000 in cash. Early Yardilla results support plans for deeper drilling, while no dates have been set. The company estimates 0.81 quarters of funding at the current rate and identifies possible equity, borrowings or asset sales if additional funds are required.

Yardilla Results Remain Reconnaissance Work

Yardilla lies approximately 90 kilometres east of Norseman. Cullen owns E63/2487 outright and has an option to acquire 90% of E63/2463, where it has so far earned 20%. Combined tenure covers about 325 square kilometres.

In May, 25 reconnaissance aircore holes totalled 1,338 metres at Cleanthes and Lila. Shallow anomalous gold was found near fresh rock and historical anomalies.

One-metre resamples returned up to 2.42 grams per tonne gold, 2,610 ppm copper and 6.7 grams per tonne silver. A 20-metre composite averaged 0.11 grams per tonne gold. These are first-pass results, not a resource.

Each prospect has approximately two kilometres of strike. The company considers mineralised quartz veins a possible explanation, but structural controls remain unclear. A consultant is integrating geophysical, geochemical and drill information before deeper aircore or reverse-circulation work.

Other Targets and Carried Interests Continue

At North Tuckabianna, an October electromagnetic survey identified a modelled conductor approximately 200 metres below surface. Cullen proposes a 200-metre hole, with a tenure extension application pending.

Mapping and sampling are planned at the Marymia Inlier, where no fieldwork occurred. A new Errabiddy application covers about 250 square kilometres and is intended for reconnaissance mapping.

Cullen retains a 25% Mt Eureka interest carried to pre-feasibility study, with High Tech Metals holding 75%. At Killaloe, gravity interpretation is under way and a plan of work allows access to drill positions.

In Finland, two diamond holes totalling 669.2 metres intersected copper-bearing veins, with a best result of 0.98% copper over one metre and no significant gold. Following one partner’s withdrawal from further spending, Capella holds 80% and Cullen 20%.

Sales Proceeds Do Not Remove Funding Limits

The Bromus sale to Sinclair Gold delivered A$100,000 in cash and A$350,000 in shares. Quarterly operating cash outflow was A$217,000, with no financing inflow.

Cash fell from A$293,000 to A$176,000. No debt facilities are available, and director payments totalled A$81,000.

Cullen also holds conditional royalty-related payments. A$900,000 would become payable if commercial mining starts at Wyloo North, and A$1 million is linked to a Mt Stuart final investment decision. Neither trigger has occurred.

The planned exploration remains early-stage, with no committed drilling timetable. Existing cash is limited, the Sinclair shares are distinct from bank funds, and potential asset or royalty receipts depend on transactions or events that have not yet happened.